Do you support taxing unrealized gains (Poll)

[Cellblock2429]

My guess is that the $X dollars would be spared the tax so middle class investors would not get screwed. That said, I'm not sure this one is a good idea.

/—-/ So we do this commie plan based on your guess———

 

[Drop Dead Fred]

I don't think Harris's proposal is very different from this:

https://www.washingtonpost.com/arch...lth-tax/49ac2ec7-c1b2-423e-a89b-699750275cd4/

Old Money, New Money Flee France and Its Wealth Tax

By Molly Moore

July 16, 2006

Eric Pinchet, author of a French tax guide, estimates the wealth tax earns the government about $2.6 billion a year but has cost the country more than $125 billion in capital flight since 1998.

 

[Drop Dead Fred]

Taxing unrealized capital gains is like cutting down fruit trees to make firewood.

 

[alang1216]

/—-/ So we do this commie plan based on your guess———

Aside from the fact you don't like it, what about it is 'commie'? Or is 'commie' just an expletive to you?

 

[BidenBeHiden]

"unrealized" is one of those terms that doesn't mean what you think it does.

Just because you haven't turned it into cash doesn't mean you didn't make money.

You can "make" all the money in the world, but it doesn't matter if you can't spend it on anything, you pathetic idiot.

 

[ThisIsMe]

"unrealized" is one of those terms that doesn't mean what you think it does.

Just because you haven't turned it into cash doesn't mean you didn't make money.

If you didn’t turn it into cash, then it’s not yet income.


Why are dems eager to tax unrealized gains? While it’s sitting there, it’s not helping anyone, it’s just gaining (or losing) money. When they start receiving dividends off of it, it will be taxed at that point.

Whats the point of taxing money people don’t have?

 

[ThisIsMe]

I hate the idea. It really makes no sense. If I buy a piece of real estate at my current budget that isn't worth that much, then I may not have the money to pay the unrealized gain if for some reason that property skyrockets in value. Yea, I made a good choice. But why should I be penalized for good decisions? It really favors the rich who can afford this kind of tax.

Yep, same for inherited property or assets. If you inherit property, or something of value, that you may never intend on selling, you’ll be taxed on it, and you may not be able to afford those taxes, so you may be forced into selling that property because of it.

Capital gains taxes on top of property taxes could ruin people.

 

[ThisIsMe]

How could it even be done?

You report what your holdings are on Dec 31 of last year (say $800,000) and then this year (12%, so it’s now $900,000), and you have to pay taxes on an additional $100,000?

What if your salary is $100,000? You have to pay taxes on $200,000?

Great way to wipe out the savings of successful people, discourage investment, and make more people dependent on the Democrat Socialist Regime - which is what this is all about.

Yep, they don’t want people to be self sufficient, they want to rob everyone of their wealth, or at least greatly reduce it. Thats the only reason they would even conceive a plan like this.

Of course, the wealthy will not be hurt by this, they have the money to soak it, but your average working class person will be affected.

 

[Cellblock2429]

Aside from the fact you don't like it, what about it is 'commie'? Or is 'commie' just an expletive to you?

/----/ Taxing unrealized gains would chase off private investors, thus removing the greatest wealth-building enterprise in history.

From the Communist Manifesto says it all: "The short-term demands—among them a progressive income tax; abolition of inheritances and private property.

Karl Marx labeled publicly traded securities “fictitious capital,” and one of the first things the Bolsheviks did when they took over was to close the stock exchange as a case of the “vulgar” economy of the “reactionary” bourgeoisie. Russian citizens, rich and poor, lost millions.

A stock market was a no-no in the Soviet Union and other communist countries. Under communism, ownership of land, factories, companies … belonged to the state or, as the leaders liked to put it, the people. There was no share of ownership to be bought and sold, and hence, no stock market. There was not even a market for meat, vegetables, clothing, machinery, equipment and capital goods. In short, there was no need for money and exchange.

The Principles of Communism - Wikipedia

en.wikipedia.org

 

[Crepitus]

If you didn’t turn it into cash, then it’s not yet income.

Only by some really twisted legal wording set up to specifically benefit those who are already wealthy.

 

[Cellblock2429]

Only by some really twisted legal wording set up to specifically benefit those who are already wealthy.

/------/ Eventually filtering down to everyone, just like the Income Tax Code.

 

[Crepitus]

/------/ Eventually filtering down to everyone, just like the Income Tax Code.

Even you don't really believe that.

 

[Cellblock2429]

Even you don't really believe that.

/----/ The hell I don't believe it.
As Will Rogers said: “The difference between death and taxes is death doesn't get worse every time Congress meets.”
In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Today​

The American Taxpayer Relief Act of 2012 increased the highest income tax rate to 39.6 percent. The Patient Protection and Affordable Care Act added an additional 3.8 percent on to this making the maximum federal income tax rate 43.4 percent.

 

[alang1216]

/----/ Taxing unrealized gains would chase off private investors, thus removing the greatest wealth-building enterprise in history.

From the Communist Manifesto says it all: "The short-term demands—among them a progressive income tax; abolition of inheritances and private property.

Karl Marx labeled publicly traded securities “fictitious capital,” and one of the first things the Bolsheviks did when they took over was to close the stock exchange as a case of the “vulgar” economy of the “reactionary” bourgeoisie. Russian citizens, rich and poor, lost millions.

A stock market was a no-no in the Soviet Union and other communist countries. Under communism, ownership of land, factories, companies … belonged to the state or, as the leaders liked to put it, the people. There was no share of ownership to be bought and sold, and hence, no stock market. There was not even a market for meat, vegetables, clothing, machinery, equipment and capital goods. In short, there was no need for money and exchange.

The Principles of Communism - Wikipedia

en.wikipedia.org

Communism, as practiced by Russias was a catastrophe for the country and they still have not recovered. Using the USSR as a straw man is a cheap dodge. Taxes are not automatically a bad thing, only a necessary thing and any tax will distort the economy. Also, any tax can be set so the pros out weigh the cons.

 

[Cellblock2429]

Communism, as practiced by Russias was a catastrophe for the country and they still have not recovered. Using the USSR as a straw man is a cheap dodge. Taxes are not automatically a bad thing, only a necessary thing and any tax will distort the economy. Also, any tax can be set so the pros out weigh the cons.

/—-/ Taxing the wrong thing at all, and taxing the right thing too much are always bad things.
Taxes are used to deter activity the government see as something they don’t like.

 

[Couchpotato]

Only by some really twisted legal wording set up to specifically benefit those who are already wealthy.

It 100% penalizes the less wealthy as they are attempting to build wealth. If I invest in an asset regardless of what it is and have to pay taxes on the appreciated value of that asset, unless I already have the means to cover those taxes, I'll either have to sell it or some other asset in order to pay those taxes. Or what is more likely to happen is that I won't buy the asset in the first place. The already wealthy wont have that problem. They purchase the assets and get them at a reduced price as the demand for those assets will drop since fewer people will be interested or even able to be interested in purchasing assets to build wealth over time.

 

[Couchpotato]

Communism, as practiced by Russias was a catastrophe for the country and they still have not recovered. Using the USSR as a straw man is a cheap dodge. Taxes are not automatically a bad thing, only a necessary thing and any tax will distort the economy. Also, any tax can be set so the pros out weigh the cons.

Where has communism been practiced where it worked out? What's the good example then? Communism sounds good on paper. It's problem is it doesnt factor in humans.

 

[alang1216]

Taxes are used to deter activity the government see as something they don’t like.

More importantly taxes pay for what the gov't does, the military, social security, etc. The challenge is raise the required revenue as fairly as possible while inflicting the least amount of pain on the people and the economy.

 

[alang1216]

Where has communism been practiced where it worked out? What's the good example then? Communism sounds good on paper. It's problem is it doesnt factor in humans.

I have no love for communism but, since you asked, the US military is based on central planning and is completely top down. Soldiers are completey provided for, food, lodging, etc., and told what role they will play, and where they will go. Seems to work pretty well for its purpose.

 

[Couchpotato]

I have no love for communism but, since you asked, the US military is based on central planning and is completely top down. Soldiers are completey provided for, food, lodging, etc., and told what role they will play, and where they will go. Seems to work pretty well for its purpose.

Sorry bud. 23 years in the Marine Corps. It wasn’t communism.